Singapore continues to attract businesses and individuals to its shores. The tiny city state in the southeast is renowned for its world-class infrastructure, highly efficient public transport, education system, government, health care, economy and its overall achievement of turning itself from a third-world country to what it is today. Foreigners who wish to move to the country and take roots can apply for permanent residency and take on citizenship later on if they wish. In this guide, you will learn about the different permanent residency schemes to help you decide which is more suited to you and your family.
Permanent Residency for Working Individuals
Individuals working in Singapore can apply for permanent residency under the PTS Scheme or Professionals/Technical Personnel and Skilled Worker Scheme. Foreigners holding S, Q, and P work passes are eligible to apply provided that you are working in Singapore at the time of the application. The majority of the permanent residents in Singapore acquired their permanent residency through this scheme.
You can also bring your spouse and unmarried children under 21 yrs old if you apply for a permanent residency under the PTS scheme. The process is very straightforward and should take a few months to complete. In recent years, the Singapore government have been really strict in giving out new permanent residency. There are many factors that could affect the outcome of your application. Your educational background, work experience and the stability of the company you are working for are major factors that will be considered as well as your salary, financial status and character. The government want to make sure that you will not be a liability when you become a permanent resident.
Permanent Residency for Investors
If you are an investor or if you have your own business that you want to bring to Singapore, you can apply for permanent residency through the Global Investor Programme. The GIP helps entrepreneurs set up their business with ease and at the same time tap into immigration facilities with regard to their entry and stay in the country. Investors and entrepreneurs under the GIP can bring in their immediate family – spouse and unmarried children under 21 years of age.
To apply for permanent residency under GIP, you can choose between two options.
A. To invest at least $2.5 million in a new business or expand an existing business
B. To invest at least $2.5 million in a GIP fund that invests in Singapore-based companies
In order to qualify for the GIP scheme, your business should meet the turnover rates stipulated by the Economic Development Board. Companies in the construction industry should have a yearly turnover of at least $200 million on average for the past 3 years and at least $50 million for companies in other industries. If your company is privately owned, you should hold at least 30% of the shares. Also, in order to qualify under the GIP scheme, you should have a solid entrepreneurial and business track record. You need to submit audited financial statements of your company for the past 3 years. Investors who choose to apply under option A are also required to submit a detailed 3-year business or investment plan with the company’s yearly employment and annual projections. Upon approval, your permanent residency application should be completed within 12 months.